New Crypto-Stealing Malware Targets Android, iOS Users | Beware of These Fake Digital Wallets

A crypto-stealing malware is reportedly targeting Android and iOS devices lately, according to a report earlier this week.

This malicious threat could not only steal money from your digital wallet or account, but it could also mimic a legit cryptocurrency wallet. This makes it more even dangerous to deal with.

Crypto Malware Hits Android and iOS Devices

(Photo : Tezos from Unsplash)
Android and iOS users should be careful about the new crypto-stealing malware on the platforms.

ESET researchers initially released a report about this latest crypto scheme which is considered to be a serious security threat for those who invest in cryptocurrency and other related ventures.

According to an article from News 18, cybersecurity experts noticed that this crypto-malware often attacks victims who just landed on crypto investment. This means that newbies are the frequent targets of the hackers behind this incident.

Since it could pass as a legitimate crypto wallet app, you cannot easily notice its difference compared to other “legit” apps. The reason why it’s hard to detect is that it bypasses the download process in this context.

Once you install this fake crypto wallet application, the hacker will inject the malware into your device’s back codes so they could easily gain access to your financial account. That’s when the next process begins which involves stealing your financial assets on the platform.

If you’re familiar with the common crypto wallets like Coinbase and Metamask, this malware operates almost similarly to them by disguising a well-designed application.

ESET also noticed that the hackers behind this hacking scheme have been using ads on legitimate websites. They put them together with misleading articles.

In addition, the researchers thought that the hackers wanted to promote these bogus sites so people could click the articles which contained the fake crypto wallet apps.

To make it worse, the hackers have been reportedly hiring middlemen to spread the malware to several social media platforms such as Facebook, Twitter, and Telegram.

How to Stay Away From Crypto Malware

According to a report from Digital Information World, the experts said that Android and iOs users should always stay alert if there’s fraudulent activity on the platform.

Usually, cybercriminals take advantage of the opportunity to steal money from the users by sending hidden phrases on the server. It is commonly done via an unsafe HTTP connection.

With that, they could start to attack the financial account of the victim to proceed to the heist operation. Recently, ESE wrote that there were at least 13 malicious applications that contain crypto-stealing malware.

They tend to mimic the Jaxx Liberty Wallet to catch the unaware users on the Google Play Store.

In 2021, Tech Times reported another incident of a crypto-malware dubbed “Crackonosh.” According to the report, this Monero-mining malware can hit crypto users through pirated websites. At that time, $2 million worth of XMR was reportedly stolen from the victims.

This article is owned by Tech Times

Written by Joseph Henry